KKR pays handsome multiple for Seven Network
The private equity firm pays A$3.2 billion for a 50% stake in Kerry StokesÆ Australian media empire.
AustraliaÆs media players continue to position themselves for changes to media ownership laws next year, with Seven Network announcing a A$4 billion $3 billion joint venture with private equity firm Kohlberg Kravis Roberts KKR yesterday.
The deal sees KKR pay A$735 million for a 50% stake in a venture to be called Seven Media Group which will own SevenÆs television, magazines and online businesses. The other 50% of the venture will be held by Seven Network, a diversified media company...
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